Hello traders and investors! Let’s see how RIVN is doing today! For the first time, RIVN is doing a clear bullish structure, and this could indicate a reversal ahead.
In the daily chart, we see that for the first time ever, RIVN has a clear bullish structure, as it just did a higher high/low, and triggered a pivot point. In addition, it is trying to leave the 21 ema behind again (it tried to do that in the past, but with the lack of bullish structure, it failed miserably).
Keep in mind that this is the early stage of a reversal, and the situation is still risky. Another key point we must pay attention is the red line at $ 33.46. This point worked as a support and resistance in the past, and could work as a resistance again. In the end, RIVN must break this point to confirm a reversal, and not lose it again.
By breaking this line, RIVN could do a pullback to its 21 ema in the weekly chart, at least, near the $ 50 (the 21 ema is descending, so it’ll be lower in the next weeks, keep that in mind).
Either way, we have a lot of upside potential in the mid-term. This is not a long-term reversal yet, as the trend is clearly bearish on RIVN since its IPO in November.
I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!